Feb. 24 (Bloomberg) -- Greece’s unions shut down transportation, medical and educational facilities today in a second 24-hour strike aimed at resisting Prime Minister George Papandreou’s drive to cut the European Union’s biggest budget deficit ...Mr. Panagopoulos apparently graduated from the "How can I be out of money? My checkbook still has checks in it!" school of economics. Mr. Panagopoulos' world view didn't spring out of his head, fully formed just last night. It's been taught to him over years by a society that has totally disconnected earning from having. Money simply appears out of thin air and has a value because he wants it to.
“People on the street will send a strong message to the government but mainly to the European Union, the markets and our partners in Europe that people and their needs must be above the demands of markets,” Yiannis Panagopoulos, president of the private-sector union GSEE, told NET TV yesterday.
Reality and Mr. Panagopoulos are about to have a discussion. It's going to go something like this.
Update: The front bumper just hit the wall.
Greece's financial instability is spreading to its private-sector banks, the latest indication that the country's credit woes are worsening.
Fitch Ratings, citing concerns about Greek banks' funding costs and profitability, downgraded the country's four major banks to triple-B, or two notches above "junk" status. Fitch characterized its outlook for Greek banks as "negative."